Global investment and funding in the insurtech sector totalled $4.8bn in Q2 2021, and $7.4bn in H1 2021, exceeding previous years.

This is according to the Quarterly InsurTech Briefing from Willis Towers Watson.

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Insurtech funding in Q2 2021

Q2 2021 saw 162 insurtech deals and a 210% increase year-on-year for the quarter. This was driven by 15 rounds of $100m or more and these deals reached $3.3bn altogether.

In addition, Series B and C fundraisings drove the large number of deals in Q2, but the number of early-stage deals also increased. Those were up by more than 9% from the previous quarter and 200% year-on-year. Early stage activity totalled 57% of overall deals in the quarter.

Insurtech focused on distribution accounted for 55% of start-up deals and for 10 of the 15 $100m+ rounds.

Furthermore, 73% of the deals in the quarter were for P&C-related insurtech.

Dr. Andrew Johnston, global head of InsurTech at Willis Re, said: “As technology changes our lives, society will demand an insurance community that reflects and supports our changing, digitally empowered behaviours. Consumers and businesses increasingly expect insurance to be delivered when and how they want it, and risk carriers that fail to respond will fall away over time. To embrace technology is a minimum survival condition. Those that use it to redefine service in the insurance world will thrive. That means a positive future for insurtechs that bring a truly differentiated business approach to our industry. Some of them will create untold long-term opportunities for themselves and the insurance sector.”

Clyde Bernstein, head of GB broking and global leader of data and technology broking strategy at Willis Towers Watson, said: “Lift the hood on the insurance industry and you will see the engine in danger of over-heating. The diagnosis from those tasked with keeping the industry on the right trajectory is that a different motor is needed. Fortunate passengers will enjoy the ride as new distribution and technologies deliver a better and more responsive client experience.”